Internet of Behaviors (IoB) Market to grow at a CAGR of nearly 22%
Internet of Behaviors market is expected to grow at a CAGR of nearly 22% during the forecast period 2021-2031. The Internet of Behavior (IoB) is a concept which utilizes technology through the Internet of Things (IoT) and behavioral science to understand and influence people’s mindset towards products and services.
The Internet of Behaviors offers businesses cutting-edge methods for marketing products and services as well as influencing user and employee behavior. In other words, it is a concept of new technology through data mining of user’s online activity from behavioral psychology perspective. This technology is highly useful to organizations since it allows them to optimize their customer relationships depending on the data acquired.
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What is Driving Demand for Internet of Behaviors?
Today there are around 17.1 billion IoT devices in operation. This coupled with rapid progress in machine learning abilities, has paved the way for a new technology IoB (Internet of Behavior).
Existing technologies like facial recognition, location tracking, and big data are used in combination and mapped to behavioral events. Behavioral data is also helping businesses to make more informed decisions and improve their service quality and value chain in the best possible way.\
Digital Marketing is expected to Contribute Largest Market Share
The digital marketing segment is anticipated to hold the largest share in 2021. Having an internet connection is the prerequisite of the internet of behavior (IoB), hence digital marketing services will be among the biggest gainers of IoB technology.
Digital marketing is the field that uses data as its basic commodity to market products and services to people around the world. With access to tools of behavioral analysis and interpretations, they will be in a stronger position to better reach the people who are at the endpoint of the purchase process.
There is projected to be a significant boom in digital marketing around the world. Digital marketing will be used for brand advertising, lead generation, and sales generation.
For instance, social media such as Facebook and Instagram advertisement features. Through IoB, both platforms have the capability to target users based on their behavior towards that advertisement through “click rates”. As a result, the brands will be able to connect with their ideal audience more easily.
The same applies to Youtube that recommends channels or videos based on the preferences by behavioral analytics to improve the viewer’s experiences.
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North America Internet of Behaviors Industry Outlook
The adoption of internet of behaviors in North America is estimated to expand with a tremendous growth rate. The early acceptance of emerging technologies, strong investments in R&D, increasing adoption of smart connected devices, and the start-up culture in North America have amplified the growth of IoT in this region.
Moreover, North America has made considerable progress in the adoption of IoT, especially in the industrial & automotive sectors. Cloud platforms are experiencing string adoption due to the demand for IoT, thereby enhancing the growth of internet of behaviors market over the forecast period.
South Asia & Pacific Demand Outlook for Internet of Behaviors
Moreover, increasing smart city initiatives by government and cloud spending in the region is estimated to further fuel the market growth in the near future.
Furthermore, introduction of high speed networking technologies, increasing interest of multinational players in the region along with rising demand from developing economies such as India, Indonesia, and Australia are also estimated to drive the growth of the market.
Who are the Key Internet of Behaviors Providers?
- Aware Inc.
- Traceable
- Guardian Analytics
- Vertica Systems
- Trifacta
- NuData Security
- Mazu Networks Inc.
- Qubit Digital
- Cognitive Scale
- Capillary Technologies
- Among others.
The above-mentioned players are making substantial investments in advanced technologies such as IoT, AI, cloud computing, and others, to expand their business into various end-use industries and gain a competitive edge.
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